Sources – Magic and Franz Wagner agree on $224 million rookie extension

Orlando Magic forward Franz Wagner has agreed to a five-year, $224 million contract extension for new players. Sources said the deal could be worth as much as $269 million, sources told ESPN on Friday.

Wagner is eligible to earn 30 percent of the team’s salary cap if he is named to an All-NBA team, sources said. Wagner’s agent Jason Glushon completed work on the deal over the July 4 holiday, sources said.

Wagner has been a cornerstone of the Magic’s resurgence, averaging 19.7 points, 5.3 rebounds and 3.7 assists per game last season as Orlando returned to the Eastern Conference playoffs with a 47-35 record, the franchise’s best since 2010-11.

According to ESPN Stats & Information, he had a historic start to his career with the Magic players, joining Shaquille O’Neal, Dwight Howard and Tracy McGrady in scoring at least 4,000 points before his 23rd birthday.

Wagner, the No. 8 pick in 2021 out of Michigan, had seven 30-point games last season and was in the top 10 in layups and dunks made, according to Second Spectrum.

Wagner, whose brother Moe agreed to a new two-year, $22 million contract with Orlando on Tuesday, is considered the best player to come out of Germany since Hall of Famer Dirk Nowitzki.